In stock markets abroad, indexes rose across much of Europe following the strong jobs report from the world’s largest economy. The September jobs report massively overshot expectations, as the US economy added 254,000 jobs last month and the unemployment rate fell to 4.1%. Altogether, the report showed the labor market remains robust, even amid signs it has cooled.
Medicare shake-up sends Humana stock down 23% in a week for its worst drop since 2009
That was an acceleration from August’s hiring pace of 159,000 and blew past economists’ forecasts. Brent crude futures fell 0.5% to $77.62 per barrel, while the US West Texas Intermediate crude futures declined 0.5% to $74.03 per barrel. Recent encouraging data on the economy have raised hopes that the job market will hold up after the Fed pressed the brakes on the economy through higher rates in order to stamp out high inflation.
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Treasury yields soared Friday after the U.S. government said employers added 254,000 more jobs to their payrolls last month than they cut. Mainland Chinese markets reopen from a weeklong holiday on Tuesday, and the government said it plans to explain details of plans for economic stimulus at a morning news conference in Beijing. Before the Oct. 1 National Day holiday began, announcements of policies aimed at reviving the ailing property market pushed share benchmarks sharply higher and this week could bring more volatility. Indexes fell Thursday on rising risks to oil supplies amid escalating Middle East tensions and as traders braced for Friday’s labor market update. On the downside, a barrage of strikes by Israel on Beirut kept alive the Mideast worries that have driven up oil prices. Western leaders warned about "uncontrollable escalation" as investors waited to see whether Israel would attack Iran’s oil facilities — a move President Biden said is under discussion.
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On Friday, the Indian stock market indices ended nearly a percent lower, extending losses for the fifth straight session. Asian shares advanced Monday after a surprisingly strong U.S. jobs report raised optimism about the economy, sparking a rally on Wall Street. Stocks recouped their weekly losses, as the markets have shown some resilience in the face of a rough week of worrying headlines. The S&P 500 and Dow closed out weekly gains, both sitting within striking distance of their record highs. Treasury yields soared in the bond market after the U.S. government said https://en.wikipedia.org/wiki/Retail_foreign_exchange_trading employers added 254,000 more jobs to their payrolls last month than they cut.
Stock market today: Dow rallies to a record after a blockbuster jobs report
Our website offers information about investing and saving, but not personal advice. If you’re not sure which investments https://www.coindesk.com/markets/2024/09/18/fed-rate-cut-could-crash-crypto-markets-but-era-of-central-banks-is-over-arthur-hayes/ are right for you, please request advice, for example from our financial advisers. If you decide to invest, read our important investment notes first and remember that investments can go up and down in value, so you could get back less than you put in. In recent days, a huge port strike, devastation from Hurricane Helene, and the prospect of a wider Mideast conflict brought the potential to lift prices and fan inflation.
- Leading the way were banks, airlines, cruise-ship operators and other companies whose profits can benefit the most from a stronger economy where people are working and better able to pay for things.
- "On the face of this the Fed should be hiking rates with these sorts of figures, not cutting rates," Economist James Knightley said.
- Our website offers information about investing and saving, but not personal advice.
- During the day, the Dow went from an early gain of 300 points to a modest loss and back to a big gain.
October 07, 2024
"On the https://agc-platform.com/ face of this the Fed should be hiking rates with these sorts of figures, not cutting rates," Economist James Knightley said. Medicare plans to downgrade ratings on some of the Humana’s health insurance plans. It soared a bit more than 10% over the week on excitement about a flurry of recent announcements from Beijing to prop up the world’s second-largest economy.
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Friday’s jobs report was so strong that it pushed traders to abandon bets that the Fed will deliver another larger-than-usual cut to interest rates at its next meeting. They’re now forecasting zero chance for a cut of half a percentage point, according to data from CME Group. The Fed has begun cutting interest rates and Friday’s jobs report was so strong traders are now forecasting it will not deliver another half-point interest rate cut before the end of the year after doing so in September. Gold prices eased on higher US dollar and as bets firmed for a smaller US rate cut. Spot gold fell 0.1% to $2,650.79 per ounce, while the US gold futures rose 0.1% to $2,670.20.
The yen fell marginally to hit 149.10, its weakest level since August 16, after declining 4% last week, its biggest weekly percentage decline since early 2009, Reuters reported. Economists polled by Reuters had forecast payrolls would rise by 140,000 positions after advancing by a previously reported 142,000 in August. The jobs data swung forecasts toward a smaller interest rate cut from the Federal Reserve next month. Nearly 99% of bets are on a 25 basis point cut, as opposed to a 50 basis point cut, according to the CME FedWatch Tool. The US unemployment rate dropped to 4.1% in September from 4.2% in August, reflecting an increase of 430,000 jobs in household employment, which more than absorbed the 150,000 people who entered the labor force, Reuters reported.